| Schedule of Investments (unaudited) | iShares® MSCI Water Management Multisector ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Beverages — 0.2% | ||||||||
| Fomento Economico Mexicano SAB de CV | 1,100 | $ | 12,613 | |||||
| Building Products — 10.3% | ||||||||
| Astral Ltd. | 3,056 | 76,869 | ||||||
| Geberit AG, Registered | 624 | 383,803 | ||||||
| Genuit Group PLC | 11,268 | 65,545 | ||||||
| Zurn Elkay Water Solutions Corp. | 3,856 | 120,731 | ||||||
| 646,948 | ||||||||
| Chemicals — 7.3% | ||||||||
| Arcadium Lithium PLC, NVS(a) | 6,584 | 29,167 | ||||||
| Croda International PLC | 900 | 52,066 | ||||||
| Finolex Industries Ltd. | 3,808 | 14,213 | ||||||
| Ganfeng Lithium Group Co. Ltd., Class A | 800 | 3,702 | ||||||
| Ganfeng Lithium Group Co. Ltd., Class H(b) | 800 | 2,204 | ||||||
| International Flavors & Fragrances Inc. | 1,924 | 185,050 | ||||||
| Johnson Matthey PLC | 1,044 | 23,387 | ||||||
| OCI NV | 520 | 14,140 | ||||||
| Saudi Basic Industries Corp. | 6,688 | 135,810 | ||||||
| 459,739 | ||||||||
| Commercial Services & Supplies — 1.2% | ||||||||
| China Everbright Environment Group Ltd. | 166,000 | 77,499 | ||||||
| Construction & Engineering — 0.5% | ||||||||
| Kyudenko Corp. | 800 | 32,546 | ||||||
| Construction Materials — 2.2% | ||||||||
| Wienerberger AG | 3,704 | 139,038 | ||||||
| Electric Utilities — 0.8% | ||||||||
| Mercury NZ Ltd. | 3,340 | 13,714 | ||||||
| Verbund AG | 428 | 35,142 | ||||||
| 48,856 | ||||||||
| Electronic Equipment, Instruments & Components — 2.8% | ||||||||
| Badger Meter Inc. | 920 | 177,523 | ||||||
| Health Care Equipment & Supplies — 4.6% | ||||||||
| Hoya Corp. | 2,400 | 290,872 | ||||||
| Hotels, Restaurants & Leisure — 11.8% | ||||||||
| Genting Singapore Ltd. | 34,400 | 23,167 | ||||||
| Hilton Worldwide Holdings Inc. | 1,404 | 281,642 | ||||||
| Marriott International Inc./MD, Class A | 1,580 | 365,249 | ||||||
| Minor International PCL, NVDR | 16,200 | 13,568 | ||||||
| Shangri-La Asia Ltd.(a) | 6,000 | 4,220 | ||||||
| Star Entertainment Group Ltd. (The)(a) | 11,560 | 3,484 | ||||||
| Whitbread PLC | 1,224 | 46,057 | ||||||
| 737,387 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.8% | ||||||||
| AES Brasil Energia SA | 4,024 | 8,583 | ||||||
| Auren Energia SA | 3,164 | 7,195 | ||||||
| Meridian Energy Ltd. | 7,904 | 32,844 | ||||||
| 48,622 | ||||||||
| Machinery — 16.9% | ||||||||
| Energy Recovery Inc.(a) | 2,316 | 31,266 | ||||||
| Franklin Electric Co. Inc. | 1,345 | 133,801 | ||||||
| Kurita Water Industries Ltd. | 3,400 | 145,798 | ||||||
| METAWATER Co. Ltd. | 1,300 | 16,343 | ||||||
| Mueller Water Products Inc., Class A | 3,500 | 64,960 | ||||||
| Organo Corp. | 1,100 | 61,961 | ||||||
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
| Takuma Co. Ltd. | 2,700 | $ | 29,663 | |||||
| Watts Water Technologies Inc., Class A | 852 | 169,659 | ||||||
| Xylem Inc./New York | 2,868 | 404,445 | ||||||
| 1,057,896 | ||||||||
| Metals & Mining — 0.9% | ||||||||
| China Steel Corp. | 80,000 | 58,653 | ||||||
| Multi-Utilities — 4.8% | ||||||||
| ACEA SpA | 576 | 10,905 | ||||||
| Veolia Environnement SA | 8,596 | 287,767 | ||||||
| 298,672 | ||||||||
| Real Estate Management & Development — 0.5% | ||||||||
| Amata Corp. PCL, NVDR | 5,600 | 3,510 | ||||||
| Swire Pacific Ltd., Class A | 3,000 | 26,114 | ||||||
| 29,624 | ||||||||
| Semiconductors & Semiconductor Equipment — 18.6% | ||||||||
| Intel Corp. | 11,860 | 365,881 | ||||||
| Macronix International Co. Ltd. | 12,000 | 10,100 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 16,000 | 409,727 | ||||||
| Texas Instruments Inc. | 1,970 | 384,170 | ||||||
| 1,169,878 | ||||||||
| Trading Companies & Distributors — 4.4% | ||||||||
| Core & Main Inc., Class A(a) | 4,762 | 274,101 | ||||||
| Water Utilities — 10.3% | ||||||||
| AlKhorayef Water & Power Technologies Co.(a) | 682 | 29,275 | ||||||
| American Water Works Co. Inc. | 2,801 | 366,287 | ||||||
| Beijing Enterprises Water Group Ltd. | 182,000 | 58,135 | ||||||
| Cia. de Saneamento Basico do Estado de Sao | ||||||||
| Paulo SABESP | 10,992 | 154,615 | ||||||
| Cia. de Saneamento do Parana | 6,820 | 35,471 | ||||||
| 643,783 | ||||||||
| Total Common Stocks — 98.9% | ||||||||
| (Cost: $5,061,191) | 6,204,250 | |||||||
| Preferred Stocks | ||||||||
| Electric Utilities — 0.1% | ||||||||
| Cia. Paranaense de Energia - Copel, Preference | ||||||||
| Shares, NVS | 3,920 | 6,779 | ||||||
| Electrical Equipment — 0.7% | ||||||||
| Sociedad Quimica y Minera de Chile SA, Class B, | ||||||||
| Preference Shares | 944 | 44,219 | ||||||
| Water Utilities — 0.4% | ||||||||
| Cia. de Saneamento do Parana, Preference Shares, NVS | 22,496 | 23,949 | ||||||
| Total Preferred Stocks — 1.2% | ||||||||
| (Cost: $67,247) | 74,947 | |||||||
| Total Investments — 100.1% | ||||||||
| (Cost: $5,128,438) | 6,279,197 | |||||||
| Liabilities in Excess of Other Assets — (0.1)% | (4,559 | ) | ||||||
| Net Assets — 100.0% | $ | 6,274,638 | ||||||
| (a) | Non-income producing security. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Water Management Multisector ETF |
| May 31, 2024 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | — | $ | (51 | )(b) | $ | 51 | $ | — | — | — | $ | 21 | (c) | $ | — | ||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(a) | — | 0 | (b) | — | — | — | — | — | 233 | — | ||||||||||||||||||||||||||
| $ | 51 | $ | — | $ | — | $ | 254 | $ | — | |||||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
| (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| ● | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| ● | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| ● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | 3,671,629 | $ | 2,532,621 | $ | — | $ | 6,204,250 | ||||||||
| Preferred Stocks | 74,947 | — | — | 74,947 | ||||||||||||
| $ | 3,746,576 | $ | 2,532,621 | $ | — | $ | 6,279,197 | |||||||||
Portfolio Abbreviation
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
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